Despite being one of the most expensive places in which to rent office space in the Middle East and Africa, a recent survey by Colliers International found that Dubai remains one of the most competitive "global" cities in which to rent commercial space, despite having the most expensive office rents.

Although average commercial rents on Dubai's Shaikh Zayed can exceed $600per square meters a year, Dubai's commercial rents are still reasonable and attractive for international companies compared with other parts of the world said the survey, according to Khaleej Times.

Renting in Dubai is less expensive than in London, Hong Kong, New York and Tokyo, where average office space prices are more than three times those being asked in the emirate.

Demand for office space continues to significantly outstrip supply, a fact that has not gone unnoticed by property developers who are currently constructing more than 24 million square feet of commercial buildings across the emirate, the second highest figure in the world after Moscow and Beijing. Office rents are expected to stabilize once this supply comes onto the market.

"Despite rising office rent costs, Dubai is still conservatively priced when compared to other major business cities across theglobe. When looking at value for money, Dubai still holds a significant advantage for businesses wishing to setup in the region," said John Davis, CEO of Colliers International-Middle East.